PPP Loans Benefited Billings Businesses

Billings MT

21 July, 2021

10:17 AM

Description

BILLINGS, MT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Billings. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 23,463 PPP loans approved in Montana in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $823,366,188. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Billings businesses that benefited from the program according to the SBA. Check here for a full, searchable database. CTA INC Billings, MT, 59101 Approval amount: $7,199,800 Jobs reported: 423 BETTER BUSINESS SYSTEMS INC Billings, MT, 59101 Approval amount: $5,745,907 Jobs reported: 348 Forgiveness amount: $5,813,441 CROWLEY FLECK PLLP Billings, MT, 59101 Approval amount: $4,676,300 Jobs reported: 298 Forgiveness amount: $4,731,391 KAMPGROUNDS OF AMERICA INC. Billings, MT, 59101 Approval amount: $4,284,100 Jobs reported: 10 Forgiveness amount: $4,330,932 FIRSTMARK CONSTRUCTION, LLC Billings, MT, 59101 Approval amount: $3,692,980 Jobs reported: 265 Forgiveness amount: $3,735,576 ST. JOHN'S LUTHERAN MINISTRIES Billings, MT, 59102 Approval amount: $3,476,790 Jobs reported: 487 Forgiveness amount: $3,516,892 WIRELESS COMMUNICATIONS INC Billings, MT, 59102 Approval amount: $3,266,000 Jobs reported: 406 Forgiveness amount: $3,304,029 ROCKY MOUNTAIN COLLEGE Billings, MT, 59102 Approval amount: $2,905,790 Jobs reported: 487 Forgiveness amount: $2,939,147 US SHALE MANAGEMENT COMPANY Billings, MT, 59101 Approval amount: $2,895,600 Jobs reported: 110 LANGLAS & ASSOCIATES, INC. Billings, MT, 59102 Approval amount: $2,771,200 Jobs reported: 216 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].